Chapter 5. Risk Governance and the Board of Directors
by William E. McCracken
Something needs to change. There are good people in company management and good people on Boards of Directors. So why did the financial meltdown of 2008–2009 happen? One reason may be that some Boards didn't know enough about what was going on in their companies in general—in terms of risk governance in particular.
The Board of Directors should set high standards for a company's employees, officers, and Directors. Implicit in this philosophy is the importance of sound corporate governance. It is the duty of the Board of Directors to serve as a prudent fiduciary for shareholders and to oversee the management of a company's business. Shareholders of a widely held public ...
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